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Meridian Place 4423-4621 S Meridian Ave 127,429 SF 92% Leased 4-Star Retail Building Puyallup, WA 98373 For Sale
Executive Summary
• Grocery-anchored neighborhood center with high-performing Grocery Outlet, operating in the 81st
percentile of all Washington stores by visitation (Placer.ai), making this one of the highest-performing
locations in the chain’s Pacific Northwest portfolio.
• Michaels has occupied the center for 26+ years and recently extended their lease through 2033.
• AutoZone has executed a brand-new 15-year lease for a new Mega Hub location with scheduled
rent growth and an anticipated opening in late 2026, adding a third national anchor to the center.
• Approximately 61% of leased GLA has been occupied by the same tenant for 5+ years.
• Diversified national and local tenant mix with staggered lease expirations extending through 2041,
including a recent 10-year extension executed by Heritage Bank in 2025 through 2035.
• Three high-visibility pad buildings offer future optionality, including a separately parceled pad
currently occupied by a Starbucks drive-thru, AT&T, and Pure Barre.
• Located on S Meridian Avenue within the trade area’s most active retail corridor, benefitting from
traffic counts exceeding 43k VPD with highway access less than one mile from SR-512 (92k VPD).
• Located within a half-mile of South Hill Mall, a regional destination drawing over 8 million annual
visits and serving a trade area of 960,000+ residents across the greater Tacoma/Puyallup market,
with several tenants ranking among the most-visited retail locations in Washington State and the
country (Placer.ai).
• South Hill is experiencing sustained residential growth with hundreds of new homes under construction
or in the pipeline within the immediate trade area. The Club at Uplands — a 320-acre master-planned
community by Tarragon — has delivered 300 of its 1,000 planned single-family homes to date.
• Pierce County is Washington’s second largest county by population and has grown nearly 17%
since 2010, outpacing statewide growth.
percentile of all Washington stores by visitation (Placer.ai), making this one of the highest-performing
locations in the chain’s Pacific Northwest portfolio.
• Michaels has occupied the center for 26+ years and recently extended their lease through 2033.
• AutoZone has executed a brand-new 15-year lease for a new Mega Hub location with scheduled
rent growth and an anticipated opening in late 2026, adding a third national anchor to the center.
• Approximately 61% of leased GLA has been occupied by the same tenant for 5+ years.
• Diversified national and local tenant mix with staggered lease expirations extending through 2041,
including a recent 10-year extension executed by Heritage Bank in 2025 through 2035.
• Three high-visibility pad buildings offer future optionality, including a separately parceled pad
currently occupied by a Starbucks drive-thru, AT&T, and Pure Barre.
• Located on S Meridian Avenue within the trade area’s most active retail corridor, benefitting from
traffic counts exceeding 43k VPD with highway access less than one mile from SR-512 (92k VPD).
• Located within a half-mile of South Hill Mall, a regional destination drawing over 8 million annual
visits and serving a trade area of 960,000+ residents across the greater Tacoma/Puyallup market,
with several tenants ranking among the most-visited retail locations in Washington State and the
country (Placer.ai).
• South Hill is experiencing sustained residential growth with hundreds of new homes under construction
or in the pipeline within the immediate trade area. The Club at Uplands — a 320-acre master-planned
community by Tarragon — has delivered 300 of its 1,000 planned single-family homes to date.
• Pierce County is Washington’s second largest county by population and has grown nearly 17%
since 2010, outpacing statewide growth.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
127,429 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
1979/2025
NOI
$3,815,494 CAD
Percent Leased
92%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.27
Lot Size
10.79 AC
Zoning
CG, Puyallup
Parking
1,196 Spaces (9.39 Spaces per 1,000 SF Leased)
Frontage
909’ on S Meridian Ave
Amenities
- Bus Line
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Indigo MultiCare
- Health Care and Social Assistance
- -
- -
-
Jan 0000
- Value Pet Clinic
- Professional, Scientific, and Technical Services
- -
- -
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Indigo MultiCare | Health Care and Social Assistance | - | - | Jan 0000 | ||
| Value Pet Clinic | Professional, Scientific, and Technical Services | - | - | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 1st Floor
- 2,247 SF
- Retail
- -
- Now
- 716
- 1,400 SF
- Retail
- -
- Now
- 807
- 5,014 SF
- Retail
- -
- Now
- 823
- 1,400 SF
- Retail
- -
- Now
| Space | Size | Space Use | Position | Available |
| 1st Floor | 2,247 SF | Retail | - | Now |
| 716 | 1,400 SF | Retail | - | Now |
| 807 | 5,014 SF | Retail | - | Now |
| 823 | 1,400 SF | Retail | - | Now |
1st Floor
| Size |
| 2,247 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
716
| Size |
| 1,400 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
807
| Size |
| 5,014 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
823
| Size |
| 1,400 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $20,847,285 CAD | |
| Land Assessment | $11,487,109 CAD | Total Assessment | $32,334,394 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$11,487,109 CAD
Improvements Assessment
$20,847,285 CAD
Total Assessment
$32,334,394 CAD
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Meridian Place | 4423-4621 S Meridian Ave
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